Midwest

Quadrant Provides $150M Loan for Refinancing of Luxury Apartment Tower in Chicago

by Kristin Harlow August 16, 2017

CHICAGO — Quadrant Real Estate Advisors has provided a $150 million loan for the refinancing of MILA, a 402-unit luxury apartment tower located along Chicago’s Michigan Avenue. Designed by bKL Architecture, the property also consists of 21,129 square feet of retail space, which is leased to Starbucks, Roti Mediterranean Grill and Liberty Travel. Completed in May 2016, the tower features amenities such as a rooftop pool, garden, game room, fitness center and pet salon. Danny Kaufman and Jimmy Conley of HFF arranged the loan for the borrower, a joint venture between The John Buck Co. and Becker Ventures LLC. Loan proceeds will refinance the original construction financing.

August 16, 2017

Healthcare Michigan Midwest

Granger to Build $24M Cancer Center Expansion at St. Joseph Mercy Ann Arbor in Michigan

by Kristin Harlow August 16, 2017

ANN ARBOR, MICH. — Granger Construction will build a 25,000-square-foot expansion for the cancer center at St. Joseph Mercy Ann Arbor in Southeast Michigan. Granger will break ground on the $24 million project in September, with completion slated for November 2018. A redesigned entrance will feature a two-story glass atrium. The main floor of the new cancer center will feature an expanded infusion suite with 22 private bays and a serenity garden. Patient care will take place on the second floor. A lower level will become a dedicated space for St. Joe’s National Cancer Institute Oncology Research Program and conference rooms. Upon completion, the property will consist of 66,000 square feet and 40 exam rooms. Harley Ellis Devereaux is providing architectural services. In addition to $24 million in Trinity Health capital funds, St. Joe’s Ann Arbor development team, joined by community members and physicians, is conducting a $10 million campaign to support capital, operations and endowment needs for the cancer center.

August 16, 2017

Illinois Midwest Multifamily

Lowe Enterprises Acquires 239-Unit Apartment Property in Glenview, Illinois

by Kristin Harlow August 16, 2017

GLENVIEW, ILL. — Lowe Enterprises Investors, in a joint venture with an institutional investor, has acquired The Reserve Glenview in suburban Chicago. The purchase price was not disclosed. The 239-unit apartment property is located on 7.6 acres at 195 Waukegan Road. The property features three-story buildings that wrap around a central parking structure. Floor plans range from studio to three-bedroom units. Amenities include a pool, outdoor kitchen and picnic area, courtyard, resident lounge and coffee bar, fitness center and business center. Greystar will manage the property.

August 16, 2017

Illinois Industrial Midwest

Ridge Breaks Ground on 186,000 SF Industrial Development in Bartlett, Illinois

by Kristin Harlow August 16, 2017

BARTLETT, ILL. — Ridge, the industrial development arm of Transwestern Development Co., has broken ground on a 186,000-square-foot industrial spec development in Bartlett’s Brewster Creek Business Park. The project, called Ridge Brewster Creek II, is slated for delivery in December. Ridge previously developed Ridge Brewster Creek I, a 271,000-square-foot building that is 50 percent leased to Winhere Brake Parts. Located at 1331-1337 Schiferl Road, Ridge Brewster Creek II will feature 32-foot clear heights, an ESFR sprinkler system, 35 dock doors, two drive-in doors and 224 car parking spaces. Triumph Construction Services Corp. is the general contractor. Harris Architects Inc. is providing architectural services, while Eriksson Engineering Associate Ltd. is performing civil engineering work. Newmark Knight Frank will oversee leasing at the property.

August 16, 2017

Healthcare Loans Midwest Ohio

Berkeley Point Capital Provides $8.4M in HUD Refinancing for Nursing Homes in Ohio

by Kristin Harlow August 16, 2017

BURBANK, GALION AND SHELBY, OHIO — Berkeley Point Capital has provided three HUD 232/223(f) loans for the refinancing of nursing homes in Ohio for borrower JAG Healthcare Group Inc. Berkeley Point Capital provided a $6 million loan for Burbank Parke Care Center, an 86-bed facility located in Burbank, about 45 miles south of Cleveland. A $1 million loan will be used for Galion Pointe, a 45-bed facility in Galion, about 60 miles north of Columbus. A $1.4 million loan will be used for Shelby Pointe, a 46-bed facility in Shelby, about 15 miles north of Galion. Frank Cassidy of Berkeley Point Capital secured the loans with Ginnie Mae.

August 16, 2017

Kansas Midwest Multifamily

Passco Sells Remaining Interests in 360-Unit Apartment Community in Overland Park, Kansas for $48M

by Kristin Harlow August 15, 2017

OVERLAND PARK, KAN. — Passco Cos. LLC has sold its remaining interest in The Village at Lionsgate in Overland Park for $48 million. The 360-unit apartment community is located at 14631 Broadmoor St. The buyer was a real estate investment firm that already had a partial ownership stake in the asset. During ownership, Passco brought the average occupancy at the property up to approximately 95 percent. Mac Crowther of ARA Newmark represented both the buyer and seller in the transaction.

August 15, 2017

Michigan Midwest Mixed-Use Office

CBRE Arranges Sale of Mixed-Use and Office Buildings in Ann Arbor, Michigan

by Kristin Harlow August 15, 2017

ANN ARBOR, MICH. — CBRE has arranged the sale of McKinley Towne Centre and The Offices at Liberty Square in Ann Arbor for an undisclosed price. McKinley Towne Centre is a 130,824-square-foot mixed-use building located at 401 E. Liberty St. The Offices at Liberty Square is a 59,381-square-foot office building located at 500 E. Washington St. The portfolio was nearly 99 percent occupied at the time of sale. Tenants include supply chain software company LLamasoft, TD Ameritrade, the University of Michigan, Bar Louie, AT&T and FedEx. Ann Arbor-based commercial real estate firm McKinley sold the assets to Hillside Investments. Anne Galbraith Kohn of CBRE represented McKinley in the transaction.

August 15, 2017

Indiana Industrial Midwest

Plymouth Acquires Two Industrial Properties in Indianapolis for $16.9M

by Kristin Harlow August 15, 2017

INDIANAPOLIS — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired two Class B industrial properties in Indianapolis for $16.9 million. Located in Shadeland I-70 Business Park near I-70 and I-495, the portfolio consists of a 562,497-square-foot building and a 44,374-square-foot building. The properties are 94 percent leased to five tenants including Pratt Visual Solutions and MicroMetl. Boston-based Plymouth currently owns and manages 20 properties spanning approximately 5 million square feet of space in six states.

August 15, 2017

Illinois Midwest Office

Spaces Signs 27,110 SF Office Lease in Chicago

by Kristin Harlow August 15, 2017

CHICAGO — Spaces has signed a 27,110-square-foot office lease in Chicago’s Lincoln Park. The creative workspace company will occupy the second through fourth floors of the building, located at 1500 N. Halsted St. Spaces Lincoln Park is slated to open in early 2018 and will offer tenants a contemporary loft-style design with large windows. This will be the 14th location in North America for the Amsterdam-based company. Chad Schroedl of SVN | Chicago Commercial represented the landlord, Newcastle Limited, in the lease transaction. Bill Rogers and Kerry Gilar of JLL represented Spaces.

August 15, 2017

Michigan Midwest Retail

Sheldon Cleaners to Open 1,360 SF Location Near Grand Rapids, Michigan

by Kristin Harlow August 15, 2017

BYRON CENTER, MICH. — Sheldon Cleaners has signed a 62-month lease for a 1,360-square-foot location in Byron Center, about 13 miles south of Grand Rapids. The property is located at 8233 Byron Center Ave. Southwest. With locations in Grand Rapids, Holland and Kalamazoo, the environmentally friendly dry cleaner has been in business since 1949. Minor renovations of the space are being made, including adding a dressing room for tailoring services. Completion is slated for September of this year. Rod Alderink of NAI Wisinski represented the landlord, Dara Realty LLC, in the lease transaction.

August 15, 2017

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